Mike McGavick, CEO of XL Group. (AP Photo/John Froschauer)

(Bloomberg) — XL Group Plc Chief Executive Officer Mike McGavick said that while he shuns casinos unless he’s with his mother-in-law, he’s felt lately like he was sitting at a “high stakes table” as he made insurance deals.

McGavick announced a plan in December to sell a stake in a home insurer to Progressive Corp. then reached an agreement the next month to buy Catlin Group Ltd. for about $4 billion. Transactions in the reinsurance and specialty-coverage industries are accelerating to create companies that can withstand pressure from new rivals.

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